Consumers Spend More Despite Looming Fiscal Cliff

DOVER, Del.- It was Christmas Eve and stores like Sears in Dover were packed with shoppers.

"I didn't think it was going to be this many last minute shoppers," said Imoni Hill of Dover.

Assistant store manager Keith Markowitz said shoppers have been flooding the store all day.

By 7:30, quarter of eight, we've had people all over the store today. People are shopping in our apparel department, kids, men's, footwear is absolutely going crazy today," said Markowitz.

According to the National Retail Federation, nearly 37 percent of shoppers say they did their shopping online. Eight percent took advantage of "layaway programs" this holiday season due to the state of the economy.

Nearly 49 percent of shoppers polled say the state of the U.S. economy will affect their spending plans. Of those impacted, nearly 47 percent of people polled say they will shop for sales more often.

Those sales seem to be drawing customers in despite the impending fiscal cliff. If Congress can't agree on a plan by the end of the year, automatic tax increases and deep spending cuts will be felt by every American.

As consumers head to stores to get those last minute Christmas items, many consumers say their not concerned with the looming fiscal cliff.

Many shoppers like Susanne Shively say staying on budget is key.

"I've never made it a point to go into debt for a holiday, whether if it's a birthday or Christmas or any other holiday. I plan ahead," said Shively who was shopping at Sears in Dover.

Others say they're being cautious.

"Always have a plan for your life so that when things like this happen, you're not easily taken aback by them," said Brenda Whitehurst, who was also shopping at Sears in Dover.

Whitehurst and others say having a plan and a budget are what's getting them through to find those last minute gifts for Christmas.

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